CALCMONEY // HOME AFFORDABILITY // TN // FRANKLIN
How much house can you afford in Franklin? Based on local median home prices, current TN mortgage rates, and Franklin property tax data.
$850,000
$5,258/mo
$225,328/yr
$538,548
Monthly housing costs of $5,258 represent 40.7% of Franklin's median gross monthly income ($12,917/mo). At 40.7%, median-income buyers in Franklin are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $850,000 |
| Down Payment (20%) | $170,000 |
| Loan Amount | $680,000 |
| Monthly PI Payment | $4,478 |
| Monthly Property Tax | $425 |
| Monthly Insurance Est. | $354 |
| Total Monthly PITI | $5,258 |
| Housing Cost % of Income | 40.7% |
| Required Income (28% rule) | $225,328/yr |
| Max Affordable Home | $538,548 |
$29,750
$6,762/mo
Franklin Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $850,000 | Franklin city median |
| Down Payment (20%) | $170,000 | Conventional loan |
| Monthly PITI | $5,258 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $225,328 | Annual gross |
| Max Affordable Home | $538,548 | Based on median income |
| FHA Down (3.5%) | $29,750 | Minimum FHA |
| Housing Cost % of Income | 40.7% | Median income: $155,000/yr |
| Property Tax Rate | 0.6% | $5,100/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Franklin is $850,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $680,000, generating a monthly P&I payment of $4,478. Adding property taxes ($425/mo) and homeowners insurance ($354/mo) brings total monthly PITI to $5,258.
Franklin's property tax rate of 0.6% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Franklin median home, that is $425/month, or $5,100 per year.
Tennessee has no state income tax, improving effective take-home pay for Franklin residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Franklin's median income of $155,000/year can afford up to $3,617/month in total housing costs. Based on Franklin's mortgage rate of 6.9% and property tax rate of 0.6%, that translates to a maximum affordable home price of approximately $538,548 with 20% down on a 30-year loan.
To afford the median Franklin home priced at $850,000, you need an annual gross income of approximately $225,328. Total monthly housing costs (principal and interest of $4,478, property taxes of $425, and insurance of $354) come to $5,258/month, which equals 28% of the required income.
At the median home price of $850,000 and median household income of $155,000, the total monthly housing cost of $5,258 represents 40.7% of gross monthly income. This is well above the standard 28% threshold, making Franklin a challenging market for buyers at median income.
A conventional 20% down payment on the median Franklin home of $850,000 is $170,000. An FHA loan requires just 3.5% down — $29,750 — but adds mortgage insurance of roughly $581/month, bringing total FHA payments to $6,762/month.
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